by Bill Downey     Price Analysis of Gold and Silver
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Technical Analysis Trading Gold, Trading Silver/ analysis By Bill Downey providing key turning points & charts for investors and speculators in Precious Metals Trading, and Precious Metals Markets

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Gold nears 1200 as options expiration comes into play for April Gold Futures

24 Mar 2015 11:38 AM | Bill Downey (Administrator)
Options expiration is about to come into play Wednesday/Thursday.   The best profits come with gold near (above or below) or at 1200. 

Gold Chart

Gold remains at resistance lines. It has moved slightly above the downtrend line but has run into the uptrend line resistance. With options expiration tomorrow/Thursday, the potential to move to 1200 (1205-1211) is still in play. They are odds, not absolutes, but as long as price remains above that Fib support we have been getting on the 8 hour bars, odds are still on our side. The short term trend remains bullish and it takes a close below 1159-1165 to return neutralize the uptrend. A close below that 23% FIB support would suggest the potential of 1165-1172. Resistance today is 1194 and then 1205-1211. Support will be that 1178-1180 area and then 1172 for the day.

Gold price chart with support and resistance levels

Cycles
The next short term cycle is due April 3rd (plus or minus 72 hours). Keep in mind that we are now working off red cycle lows instead of Blue that we had during the uptrend from the Nov low at 1130 to January’s 1308 high. Most obvious resistance this week as at the intersecting trend lines near 1205-1211. Additional resistance is the 50 day moving average at 1222.

Gold cycles

Silver

Silver has reached the odds favored resistance this week we listsed at 1687-1705 with a 1710 print high and resistance at the channel line. The only other point would be that 1725 area as resistance. Thus odds favor 1705-1725 should be the high for this week. A pullback to 1625-1650 could set up for a final push higher into the next short term cycle target in the 1st week of April.

Silver price chart with support and resistance levels




Technical Analysis :: Gold & Silver

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